KrisEnergy Ltd: Tackling Headwinds &
Delivering on Targets22nd CLSA Investors’ Forum, 14-18 September 2015
©2015 KrisEnergy Limited
Asia: An Emerging Force in the Global Energy Market
Asia is the biggest consuming region, accounting for >41% of global primary energy
consumption in 20141
www.krisenergy.com 2
1 BP Statistical Review of World Energy 2015
0
1000
2000
3000
4000
5000
1965 1975 1985 1995 2005 2013 2014
North America S. & Cent. America Europe & Eurasia Middle East Africa Asia
Primary Energy Consumption By Region1
Mill
ion
to
nn
es
of
oil
eq
uiv
ale
nt
©2015 KrisEnergy Limited
0%
2%
4%
6%
8%
10%
12%
0
20
40
60
80
100
120
US
$ b
illi
on
Shelf Onshore Deepwater SE Asia % of Global
Southeast Asia Expenditure/Discovery Size
Focus on value vs volume and fall in oil price will impact frontier exploration; average discovery size
in Southeast Asia rose to 47 mmboe in 2014
www.krisenergy.com 3
Wells drilled/discoveries in SE Asia
Source: Modified from Wood Mackenzie Upstream Data Tool
0
10
20
30
40
50
0
50
100
150
200
250
300
Ave
rag
e d
isc
ove
ry s
ize
(m
mb
oe
)
Nu
mb
er
of
we
lls d
rill
ed
/dis
co
ve
rie
s m
ad
e
Appraisal Exploration
# of discoveries Average discovery size
Global conventional E&A spend
©2015 KrisEnergy Limited
Southeast Asia Awards/M&A Activity
Myanmar, Malaysia and Indonesia have driven recent licensing activity; M&A activity in Southeast Asia at
record levels in 2013/2014
www.krisenergy.com 4
Source: Modified from Wood Mackenzie Exploration Service/M&A Service
SE Asia M&A spend/activity
0
5
10
15
20
25
0
1
2
3
4
5
6
7
De
al c
ou
nt
An
no
un
ce
d c
on
sid
era
tio
n (
US
$ b
illi
on
)
Indonesia ThailandVietnam MalaysiaPhilippines CambodiaNumber of deals
0
10
20
30
40
50
60
70
Lic
en
ce
sa
wa
rde
d
Indonesia Malaysia Myanmar Vietnam
Philippines Thailand Others
Active licences awarded in SE Asia
Building a Sustainable Oil & Gas Company
©2015 KrisEnergy Limited
LEAST MATURE ASSETS MOST MATURE ASSETS
Portfolio Building Across the E&P Life Cycle
6
East Muriah
Block 120
Block 105
JSAs
Bulu
Bulu(Lengo)
G10/48(Mayura)
Tanjung Aru
Kutai
G11/48
CambodiaBlock A
Udan Emas
Kutai
East Muriah(East Lengo)
G11/48(Angun)
G10/48(Niramai)
G6/48
G6/48(Rossukon)
CambodiaBlock A
(Apsara A)
G11/48(Mantana)
G10/48(Wassana)
G11/48(Nong Yao)
Sakti
SS-11
Block 115/09
Block AAceh
Block AAceh
Block A Aceh
Block 9(Lalmai)
Tanjung Aru
CambodiaBlock A
(Apsara B & C)
East Seruway
G10/48
• Repaid US$120 mm 2016 Notes
• Secured US$100 mm RCF
• Established S$500 mm MTN
Program. Issued:
• S$130 mm 3-year bond @
6.25% (swap to USD
LIBOR+5.29%) (“2017 Notes”)
• S$200 mm 4-year bond @
5.75% (swap to USD
LIBOR+4.47%) (“2018 Notes”)
Block 9
• Increased size
of 2016 Notes
to US$120 mm
• Increased RCF
to US$42.5 mm
• Raised net
US$203.6 mm
at IPO
• Issued US$85
mm senior
guaranteed
secured bonds @
10.5% (“2016
Notes”)
• Secured US$30
mm RCF
• Repaid US$150
mm M&A facility
• Established
KrisEnergy
with up to
US$500 mm
funding from
First Reserve
• US$301 mm
maximum
drawdown
2009 2010
• Entered
US$150
mm M&A
facility
2011 2012 2013 2014
• Keppel
acquired 20%
new shares in
KrisEnergy for
US$115 mm
B9A
B8/32
Block 9(Bangora)
Oil Gas Oil & Gas
• Increased RCF
to US$122 mm
• Renounceable
underwritten
rights issue
raised net
proceeds of
S$165.6 mm
2015
September 2015PROSPECTIVE RESOURCES
(PROSPECTS & LEADS)DEVELOPMENT UNCLARIFIED DEVELOPMENT PENDING
RESERVES DEVELOPED& UNDEVELOPED
©2015 KrisEnergy Limited
Active Involvement Across Portfolio Life Cycle
www.krisenergy.com 7
Pre-Exploration Exploration Appraisal/Development Production
• In-house business development
team and advanced computing
technology for the acquisition,
processing, re-processing and
interpretation of data
• 3rd party contractors
commissioned to reprocess or
acquire seismic data
• Mitigate risk and defray costs by
farming out exploration drilling
costs, whilst retaining operating
rights upon production
• Assessment of economic
viability of production and
estimation of reserves
• Drilling of development wells
and construction and installation
of facilities required for
production to commence
• Maintaining the field and
extracting oil or gas as efficiently
as possible
• Modeling of subsurface
formations using computer
simulation
• Reservoir pressure maintenance
studies to optimise recovery
Our portfolio contains assets at all stages of the exploration and production life cycle and therefore we are actively
involved in all key stages along the value chain
Delivering on 2015 Operational Targets
©2015 KrisEnergy Limited
Production
www.krisenergy.com 9
• Existing production: B8/32 and B9A in
Gulf of Thailand and Block 9 onshore
Bangladesh
• New fields on stream: Nong Yao in June
2015 and Wassana in August 2015
©2015 KrisEnergy Limited
New Production: Nong Yao, G11/48
www.krisenergy.com 10
• First oil from Nong Yao achieved 17 June 2015
• Two-platform development and floating storage offloading
vessel (“FSO”), 19 development wells
• Initial production rate 2,500 bopd
• Production capacity 10,000 bopd
Oil Gas
Photos courtesy of Mubadala Petroleum
©2015 KrisEnergy Limited
New Production: Wassana, G10/48
www.krisenergy.com 11
• First oil achieved on 14 August 2015
• KrisEnergy’s first operated greenfield development
• Production achieved 15 months after taking over
operatorship
• MOPU Ingenium producing to FSO Rubicon Vantage
• Peak production capacity 10,000 bopd, up to 15
development wells
Oil Gas
Development Pipeline for Future Growth
©2015 KrisEnergy Limited
Development Projects 2017/2018
www.krisenergy.com 13
• Rossukon, G6/48: Production area
application submitted in June 2015
• Apsara, Cambodia Block A: Fiscal and
technical terms agreed in 1H2015, formal
documentation underway; first oil 24
months after FID
• Block A Aceh: Gas sales agreement signed
January 2015; EPC contract to be awarded
• Lengo, Bulu PSC: Geotechnical site
surveys complete, FEED 91% complete
©2015 KrisEnergy Limited
Exploration/Appraisal
www.krisenergy.com 14
• 1H2015 results: 100% success
rate for five wells in G6/48 and
G10/48
• 2D seismic completed in SS-11
and Udan Emas PSC
• 3D seismic completed in Block
120; potential exploration drilling
in late 2016
• Exploration well in Sakti PSC
planned for 4Q2015
1H2015 Update
©2015 KrisEnergy Limited
6.36 5.95
0
4
8
Average Lifting Costs
1H2014 1H2015
Oil and Liquids
$13.4 mm 58%
Gas$9.6 mm
42%
Financial Summary
www.krisenergy.com 16
1H2015 Revenue Breakdown
43.5
23.1
0
25
50
Revenue
1H2014 1H2015
US
$ m
m
9.08.8
0
5
10
Operating Expenditure
1H2014 1H2015
US
$ m
m
20.9
31.0
0
10
20
30
40
EBITDAX
1H2014 1H2015
US
$ m
m
US
$/b
oe
1 Excludes lifting costs from Nong Yao, which commenced production on 17 June 2015
1
0
2
4
6
8
0
30
60
90
120
2010 2011 2012 2013 2014 1H2015
Realised Oil Price
Realised Gas Price
Realised Gas Price (Bangora)
Oil Price
Realised Oil and Gas Prices vs Brent
US$/bbl US$/mcf
©2015 KrisEnergy Limited
Oil and Liquids
1,382 boepd18%
Gas6,254 boepd
82%
1H2015 Operational Highlights
www.krisenergy.com 17
1H2015 Production Breakdown
0
2,000
4,000
6,000
8,000
2010 2011 2012 2013 2014 1H2015
Glagah-Kambuna TAC B8/32 & B9A Block 9 Nong Yao
boepdProduction Profile
• 1H2015 production 7,636 boepd
• First oil from Nong Yao, G11/48 on 17 June 2015
• First oil from Wassana, G10/48 on 14 August 2015
• Submitted development plan for Rossukon oil field
• 100% exploration success from five wells
• Four oil discoveries in Rossukon area, G6/48
• One oil discovery in Rayrai area, G10/48
• Award of FEED contract for Lengo gas developmentMOPU Ingenium and Key Gibraltar jack-up rig with the FSO Rubicon
Vantage in the distance
©2015 KrisEnergy Limited
1 Excludes insurance proceeds for Block 105
Capital Expenditure (US$ million)
www.krisenergy.com 18
CAPEX by country
(Net to KrisEnergy)
Planned CAPEX
(as at FY2014)
1H2015 CAPEX Revised CAPEX Budget
(as at 1H2015)
Exploration, Appraisal and
Development CAPEX for
non-producing assets168.96 90.73 189.76
Bangladesh 4.68 1.73 2.02
Cambodia 13.50 0.96 4.93
Indonesia 39.83 25.76 51.45
Thailand 100.54 64.69 129.30
Vietnam1 8.61 3.40 7.12
Other New Ventures 1.80 0.00 0.78
Development CAPEX for
producing assets66.36 24.77 55.78
Bangladesh 11.70 0.55 5.40
Thailand 54.66 24.22 50.38
Other CAPEX 18.27 6.13 6.46
TOTAL CAPEX 253.60 121.62 252.00
©2015 KrisEnergy Limited
4.2 Million Man Hours since 2014
www.krisenergy.com 19
Breakdown of Man Hours from 1 Jan 2014 to 30 Jun 2015
(KrisEnergy-operated assets)
Thailand16%
Bangora26%
Dhaka6%
Indonesia52%
A strong EHSS culture is essential to long-term shareholder value given the inherent risks of
E&P operations
• Singapore office received OHSAS 18001 certification by
Switzerland Accreditation Services in October 2012
• Singapore office achieved ISO 14001 certification with UKAS
accreditation
• Jakarta office commenced OHSAS 18001 and ISO 14001
accreditation process, scheduled completion in 2014
• Audit and certification planned for Bangkok and Ho Chi Minh City
offices in 2015
• All EHSS policies and procedures are compliant with OHSAS
18001 requirements
©2015 KrisEnergy Limited
Disclaimer
www.krisenergy.com 20
The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any
matters that a potential investor should consider in evaluating KrisEnergy Ltd (the “Company”). While management has taken every effort
to ensure the accuracy of the material in the presentation, neither the Company nor its advisers has verified the accuracy or
completeness of the information, or any statements and opinions contained in this presentation. This presentation is provided for
information purposes only, and to the maximum extent permitted by law, the Company, its officers and management exclude and disclaim
any liability in respect of the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any
information, statement or opinion contained in this presentation or anything done in reliance on the presentation.
This presentation may contain forward looking statements. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely',
'intend', 'should', 'could', 'may', 'target', 'plan‘ and other similar expressions are intended to identify forward-looking statements. Indications
of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking
statements are subject to risk factors associated with the Company’s business, many of which are beyond the control of the Company. It
is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and
changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such
statements. There can be no assurance that actual outcomes will not differ materially from these statements. You should not place undue
reliance on forward-looking statements and neither KrisEnergy Ltd. nor any of its directors, employees, servants, advisers or agents
assume any obligation to update such information.
The Company is an exploration and development company and must continue to fund its exploration, feasibility and possibly development
programs through its cash reserves, equity capital or debt. Therefore the viability of the Company is dependent upon the Company’s
access to further capital through debt, equity or otherwise. There can be no guarantee that the Company will be able to successfully raise
such finance.
This presentation should not be considered as an offer or invitation to subscribe or purchase any securities in the Company or as an
inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be
entered into on the basis of this presentation. You should not act and refrain from acting in reliance on this presentation material. Nothing
contained in this presentation constitutes investment, legal, tax or other advice. This overview of KrisEnergy Ltd. does not purport to be
all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s
prospects. Before making an investment decision, you should conduct, with the assistance of your broker or other financial or
professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and
perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions
contained in this presentation and making any investment decision.
Thank you!